• Internet phishing at tax time

    Identity theft by people posing as the Internal Revenue Service is on the rise. Hundreds of thousands of emails purporting to be from the IRS have been sent to targets, asking readers to go to a site that mimics the […]

  • IRS audit of Greenpeace confirms non-profit status

    In 2003, Public Interest Watch (a group that calls itself a watchdog of non-profit groups) wrote a letter to the Internal Revenue Service accusing Greenpeace of money laundering and other crimes. The letter accused Greenpeace of laundering $24 million in […]

  • Texas and Oklahoma wildfires and financial statement fraud

    The Oklahoma CPA Society recently asked me to pen a piece about the potential for financial statement fraud related to the recent wildfires. They printed it in their newsletter, OSCPA Wire. Any natural disaster creates opportunities for fraud and that’s […]

  • Attorney General Fles Suit Against H&R Block

    New York Attorney General Eliot Spitzer has filed suit against H&R Block Inc. for alleged fraudulent marketing of individual retirement accounts (IRAs). It is alleged that over the last four years, H&R Block has opened over 500,000 “Express IRA” accounts […]

  • Spending limits would have saved Wisconsin taxpayers billions

    A study conducted by Wisconsin’s Legislative Fiscal Bureau shows that taxpayers could have saved $1.9 billion over 20 years if the Taxpayer Protection Amendment had been law. The amendment would force government officials to consolidate or work more efficiently to […]

  • More internal control problems at Fannie Mae

    For the second year in a row, Fannie Mae is postponing the filing of its annual report with the U.S. Securities and Exchange Commission. Fannie Mae is also likely to issue a management report, stating that its internal controls over […]

  • Financial Statement Fraud Under Fire

    Written by Tracy L. Coenen, CPA, CFF OSCPA Wire – Oklahoma Society of CPAs Newsletter Any natural disaster creates opportunities for fraud and that’s exactly what recent wildfires have done. Dishonest executives have a chance to manipulate their financial statements […]

  • Enron Raided Reserves to Boost Earnings

    Wesley Colwell, the former head of accounting of Enron’s wholesale energy unit testified that in July 2000, he shifted $14 million from reserve accounts to pump up earnings. He also testified that neither Kenneth Lay nor Jeffrey Skilling directly told […]

  • H&R Block incorrectly calculates its own taxes!!!

    The tax preparation company of H&R Block Inc. has incorrectly calculated its own state taxes. A mistake in calculating its state effective income tax rate means that the company owes $32 million in back taxes that go back to 2004. […]

  • IRS Owes Taxpayers $2 Billion

    Every year, taxpayers lose refunds they’re entitled to because they haven’t filed tax returns. Currently, the IRS owes over $2 billion to 1.7 million people for the tax year of 2002. But they can’t get the refunds unless they file […]